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Estonia: bonds

The development of the capital market and its infrastructure in the years following Estonia’s independence has been affected by factors such as the government’s conservative fiscal policy and borrowing, which has resulted in modest issuance of government bonds, the currency board system, where Eesti Pank does not conduct an active monetary policy and banks’ liquidity management is carried out through international financial structures, and the relatively high cost of local resources compared to foreign funds, all of which have supported the bank-based financing of Estonia’s economy.
Debt instruments accounted for less than 5 percent of GDP by the end of March 2009. The secondary market is also shallow, as buy and hold investors snap up the few issues available.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
corporate
EUR 73 1 950 934 274
SEK 2 40 000 000
USD 1 1 000 000
NOK 1 900 000 000
municipal
EUR 10 138 027 783
SEK 1 51 509 640

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Mainor Ulemiste, 5.5% 5apr2023, EUR - Domestic bonds EE3300111343 5.5% 2 650 000  EUR 11/08/2017 04/05/2023
Redgate Keyman, 8% 10jun2019, EUR - Domestic bonds EE3300111244 8% 125 000  EUR 06/09/2017 06/10/2019
Riigi Kinnisvara, 1.61% 9jun2027, EUR - Domestic bonds EE3300111236 1.61% 27 000 000  EUR 06/05/2017 06/09/2027
Endover, 11% 30may2019, EUR - Domestic bonds EE3300111228 11% 6 500 000  EUR 05/30/2017 05/30/2019
Nordic Hypo Capital, 7% 24may2022, EUR - Domestic bonds EE3300111202 7% 1 000 000  EUR 05/24/2017 05/24/2022
Nortal, 5% 24may2022, EUR - International bonds FI4000260856 5% 15 000 000  EUR 05/18/2017 05/24/2022
Iutecredit Europe, 14% 15jun2020, EUR - Domestic bonds EE3300111194 14% 2 000 000  EUR 05/12/2017 06/15/2020
Nord Cocoa, 12% 8may2020, EUR - Domestic bonds LV0000802262 12% 890 000  EUR 05/08/2017 05/08/2020
Loanstream, FRN 2may2021, EUR - Domestic bonds EE3300111186 floating 3 000 000  EUR 05/02/2017 05/02/2021
BFG Real Estate Sweden, 3% 21apr2022, SEK - Domestic bonds EE3300111178 3% 10 000 000  SEK 04/21/2017 04/21/2022

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Estonian international bonds, USD bln 1.700 1.600 1.700 1.700 1.800 1.700 1.700
BIS net issues of international-bond market of emerging countries
International-bond net issue of Estonia, USD bln         0.000 0.000 0.600

Emerging Markets International Bonds

Monthly indices

Type Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017
Eastern Europe International Bonds Markets
International bonds of Estonia, USD bln 1.697 1.666 1.691 1.705 1.688 1.633 1.606
Sovereign international bonds of Estonia, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Corporate international bonds of Estonia, USD bln 1.667 1.636 1.661 1.675 1.657 1.604 1.578
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Credit Risk Indicators

Daily indices

Type: 01/06/2016 01/05/2016 01/04/2016 12/31/2015 12/30/2015 12/29/2015 12/28/2015
CDS Emerging markets (sov.) 
CDS 5Y Estonia mid * * * * * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Estonia) 4.20 3.80 3.70 3.90 3.60 2.90 3.30
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Estonia) 9.50 9.70 10.40

Stock market (World)

Daily indices

Type: 12/13/2017 12/12/2017 12/11/2017 12/08/2017 12/07/2017 12/06/2017 12/05/2017
Stock market (Eastern Europe)
OMX Tallin (Estonia)  1 187.36 1 196.21 1 223.08 1 228.54 1 227.28 1 226.68 1 226.66
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Eesti Energia, 2.384% 22sep2023, EUR   EUR 09/22/2023 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Eesti Energia, 4.250% 2oct2018, EUR   EUR 10/02/2018 05/18/2016 *** *.** 05/18/2016 ***.*** *.**
Eesti Energia, 4.50% 18nov2020, EUR   EUR 11/18/2020 05/18/2016 ***.* *.* 05/18/2016 ***.** *.**
Elering, 4.625% 12jul2018, EUR   EUR 07/12/2018 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Nelja Energia, FRN 2021, EUR   EUR 06/02/2021 05/18/2016 ***.**** * 05/18/2016 ***.**** *
Pro Kapital Grupp, 8% 1jun2020, EUR   EUR 06/01/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
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countries
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